Mandhana Industries IPO opens on April 27, 2010

The Initial Public Offering (IPO) of Mandhana Industries Ltd. (MIL), a vertically integrated textile and garment manufacturing company will open for subscription by invstors on Tuesday - April 26, 2010.

The company is coming out with IPO of 83,00,000 equity shares of Rs 10 each for cash at a price band of Rs 120 to Rs 130 through 100% book building process. The Minimum Order Quantity is 50 Equity Shares and in multiples of 50 Equity Shares. The Maximum Subscription Amount for Retail Investor is Rs 100000.

The Rating Agency CRISIL Limited has assigned CRISIL IPO Grade 3 for the IPO.

Edelweiss Capital Limited and Axis Bank Limited are the Book Running Lead Managers to the issue. Edelweiss Securities Limited is the Syndicate Member to the IPO.

Link Intime India Private Limited is the registrar to the company. The IPO closes for subscription on April 29, 2010.

The company plans to utilize the proceeds of the issue towards setting up of new garment manufacturing facility to enhance its capacity to 83,00,000 pieces per annum. Part of the proceeds will be utilized to expand its weaving facility as margin money for working capital, general corporate purpose and for meeting issue expenses.

Source : Equity Bulls

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